I have ~ $10k to put down on something to still have some $ in reserve just in case (currently employed for ~ $33k/yr).I'm driving around looking at various cheap properties in the area as I find them on Zillow and seeing large contrasts in the area -- what many of you would refer to as C- to D areas and some B to C as well.

People with experience or who have cash reserves can do this because they understand the risks and actually have the money to cover themselves.  

Also learn the lingo and terminology i.e. cap rates/price to rent ratio, COCR, What are reasonable reserves for your market i.e. cap ex, vacancy, maintenance etc....

The answer is personal and depends on your risk tolerance, goals, job stability, income, reserves, savings rate, overall financial picture, liquidity, etc.

I would buy a house using cash reserves for the down payment and go with a conventional loan.

In Virginia, I can accept partial rent payment "with reservation" so I'm still allowed to evict, but some states are different and accepting partial payments may halt the eviction process.        

People can own $1m of real estate and have very little reserves and equity.

Most of these paid jobs are reserved for daughter of the broker , or escrow closing compliance.

Then the lenders will also want you to have a reserve.

I will maintain a reserve for interest payments, but $100k in soft costs doesn't work for me out of pocket.